The Washington Times says that owning a home in the nation's capital is becoming even less of a reality for the average person. According to the Times, the average price for a home has pretty much jumped by an entire salary over the past year. Yeah, you read that correctly:
In the District, the median price of a home was $460,000 in March, up $55,000, or nearly 14 percent from the same period the previous year, according to a survey from RealEstate Business Intelligence, a subsidiary of MRIS that tracks home prices. That’s the District’s highest median price in the history of the survey.
RealEstate Business Intelligence says the region’s low number of homes available for sale means they are selling faster and at higher prices.
As DCist notes, it's even worse if you're trying to purchase a condo, because that's the cool thing to do right now. In January, their median price was over 17 percent higher than it was in 2012. Despite all of this, be aware that there are still affordable places to live in D.C. aside from a cardboard box on Benning Road.